China’s economy grows still-weak 4.8% in January-March
By JOE McDONALD
AP Business Writer
BEIJING (AP) — China’s economic growth edged up to a still-weak 4.8% over a year earlier in the first three months of 2022 as a wave of coronavirus outbreaks led to shutdowns of major industrial cities. Official data showed growth accelerated from the previous quarter’s 4%, when the economy was slammed by tighter government controls on use of debt by China’s vast real estate industry. Compared with the previous quarter, as other major economies are measured, growth declined to 1.3% from 1.4% in the final quarter of 2021. Retail spending, factory output and investment in factories, real estate and other fixed assets rose.